The U.S. import price index was up 1.3% in May, according to data released by the Bureau of Labor Statistics Friday.
Thomson Reuters had predicted a 1.3% increase for the imports index. The 1.3% increase in the index followed a 1.1% increase in import prices in April, originally reported as a 1.6% rise.
Import prices posted their highest rise since July 2008, when they were up 1.4%.
Year-over-year, import prices fell 17.6%, the largest drop on record.
Excluding petroleum, the import price index grew 0.2% in the month after a 0.2% slip in April, originally reported as a 0.4% drop. Excluding fuels, imports were up 0.2% in the month.
Petroleum import prices jumped 8.3% in May after a 9.8% rise in April, originally reported as a 15.4% jump, Labor said. In the past year, petroleum import prices have slid 51.4%, compared to a 17.6% slide in the overall import price index and a 5.8% drop in non-petroleum imports.
Meanwhile, export prices jumped 0.6% after a 0.4% increase in April, originally reported as a 0.5% hike.
Agricultural exports rose 3.6%, compared to a 3.7 gain in April, while non-agricultural exports rose 0.3% after a 0.2% increase in April.
Year-over-year export prices dipped 6.5%, agricultural export prices fell 14.7%, and non-agricultural prices fell 5.6%.
The year-over-year drop in non-agricultural export prices is the largest on record, Labor said.